Business
Harvest One Reports Q1 2021 Financial Results and Provides Commercial Update
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - Harvest One Cannabis Inc....
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Harvest One Reports Q1 2021 Financial Results and Provides Commercial UpdateVancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQX: HRVOF) (\"Harvest One\" or the \"Company\") a uniquely positioned cannabis-focused CPG company, is pleased to announce its fiscal Q1 financial results for the three months ended September 30, 2020. Management Commentary\"Harvest One's financial performance in the first fiscal quarter demonstrates the positive impact of the Company's restructuring objectives over the last twelve months. The Company's financial results are moving in a positive direction with a significant reduction in operating and overhead costs. We have also made improvements on both sides of the balance sheet by improving working capital and reducing liabilities, setting a solid foundation for rejuvenated growth in 2021,\" said Gord Davey, President and Interim Chief Executive Officer of Harvest One. \"As the Strategic Review approaches conclusion, our leadership team has redefined the Company's commercial strategy to set positive momentum for our core consumer brands. We are executing many catalysts for growth within the fiscal year as they are critical to our strategic initiatives.\"Financial Highlights:The Company reported a $2.99 million net loss from continuing operations during the current quarter compared to a net loss of $5.23 million in the same period last year, resulting in a $2.45 million or 43% improvement and this was mainly driven by significant G&A reduction. On August 26, 2020, Harvest One completed the divestiture of the Duncan facility for cash consideration of $8.2 million. Concurrently, Harvest One commenced a licensing agreement with Costa LLP, the purchaser, to facilitate the production, distribution and sale of the Company's Cannabis 2.0 product lines under our LivRelief brand which are currently sold through regulated dispensary outlets across Canada.In conjunction with the closing of the Duncan transaction, the Company also repaid all principal, fees and interests totaling $3.73 million related to the $1.5 million bridge financing facility due to Costa LLP and $2.0 million loan due to MMJ Group Holdings Ltd. Subsequent to Quarter End:On October 16, 2020, Harvest One completed the sale of its majority interest in Greenbelt Greenhouse Ltd. for net ...